Distribution of digital wallet stimulus scheme Thailand 2024, by type of funding

In 2024, the Thai cabinet approved the 500 billion Thai baht digital wallet project, which aims to stimulate the economy. From this amount, 175 million Thai baht is expected to come from the 2024 national budget. Meanwhile, the rest of the budget will be contributed by the 2025 budget of the Bank for Agriculture and Agricultural Cooperatives and the 2025 national budget.

Thailand’s digital wallet scheme eligibility

The program is part of the government’s attempt to promote money circulation in each locality and push economic growth. Through the program, around 70 percent of the Thai population would receive 10,000 Thai baht via a digital wallet in the fourth quarter of 2024. To meet the eligibility criteria, one must be a Thai citizen aged 16 or above with an annual income of less than 840,000 Thai baht and bank deposits below 500,000 Thai baht. This sum is expected to be spent at participating establishments in 878 districts via a digital wallet. Additionally, the money can only be used within the citizen’s registered municipality.

Origin of the 500-billion digital wallet policy

The digital wallet was first promoted by the Pheu Thai Party as part of the 2023 general election campaign in the form of cash handouts. Pheu Thai formed the government and proposed the scheme to the government body. However, it was followed by months of disputes over the feasibility of the project and the source of funding among the government agencies and the Bank of Thailand. If it succeeds, the program should boost economic growth by at least 1.2 percent.